As workers feverishly attempt to clean up the Gulf of oil spill disaster, BP shares - down 40 percent since the incident - hit a 52 - week low.Getty Images

Oil’s well that ends well. That’s what Wall Street analysts are saying when it comes to BP stock.

Shares of the oil giant tumbled 15 percent yesterday to yet another new yearly low of $36.52, its fourth since the oil-well disaster hit the Gulf of Mexico six weeks earlier.

The crisis has wiped out $75 billion in shareholder value, but many analysts issued bullish reports yesterday on the company.

“You rarely ever see an event like this pull down a company like BP,” said energy analyst Peter Beutel of Cameron Hanover. “Of course, it’s not creating any good will or helping its reputation.”

A number of top oil analysts see BP as a summer bargain, and predict cash flows could jump as much as 30 percent next year.

Analysts said that once engineers get a grasp on their new plan to tame the gushing oil, investors could see a quick pop in the share prices of all three oil companies involved in the mess.

If the latest fix shows signs of working, “we believe it’s likely that the shares of BP will see a near term move higher,” analyst Pavel Molchanov of Raymond James said in his bullish report yesterday on BP.

The only downside risk would be if BP — like Exxon before it — declared bankruptcy to get out from under the mounting cleanup costs and possible civil suit liabilities.

He and others rolled out positive outlooks on BP despite its 65 percent interest in the doomed offshore rig. They also boosted their ratings on BP’s two partners in the rig, Halliburton and Transocean Ltd.

Halliburton shares have lost $11.9 billion since the April 20 rig explosion and eruption, and dived 15 percent yesterday to $21.15. Transocean shares have lost $13.4 billion during the six-week crisis, and fell 12 percent yesterday to $50.04.

Eleven workers died when the rig exploded and began pumping as much as 12,000 barrels of oil daily into the Gulf.

Experts believe all three companies will withstand any lasting damage from the crisis. “It’s the herd mentality that has been hurting their shares,” said Anthony Sabino, professor of law at St. John’s University’s School of Business.

“BP is a cash machine. and with its insurance protections and cash, it will get through this.”

Molchanov predicted cash flow per share of BP as high as $43.3 billion next year vs. a 2010 estimate of $35.2 billion. He said BP ultimately will spend about $5.2 billion for the cleanup and other costs, but litigation could drag on for years.

However, litigation costs would likely be lower than those in the 20-year legal fight over Exxon Valdez spill, which caused Congress to pass the so-called oil pollution act of 1990 to limit liability exposures of oil companies, said Sabino.